Hours after explosions were reported in Tehran, digital money began moving. Reports say cryptocurrency withdrawals from Iran’s largest exchange jumped sharply as news of US and Israeli airstrikes spread across the country.

Blockchain data reviewed by analytics firms shows outflows rising about 700% in a short window, a spike that stood out against normal daily activity.

Crypto Rush Follows Airstrikes

According to blockchain tracking firm Elliptic, wallets linked to Nobitex, Iran’s biggest crypto trading platform, sent out far more funds than usual within minutes of the first strike. In less than an hour, transfers climbed into the millions of dollars. The surge was quick. It was also brief.

The timing caught attention. Based on reports,…